How much do you think you will need in retirement?
The current State Pension is just £102.15 a week (or £163.35 if you are married), could you live on this in retirement?
Most people earn more each week than the current State Pension. If you are not saving in addition to the State Pension you should prepare yourself for a sharp drop in your income in retirement.
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The Twenty Year Holiday |
We all have to retire some day and most of us are looking forward to what could be the longest holiday of our lives. Unfortunately, around two fifths of the UK will run out of retirement income by age 85. People are living longer, current life expectancy is 85 years for a man and 88 years for a woman, how will you pay for this twenty year holiday on just your State Pension?
How much State Pension will I get?
You can find out how much you will get from the State at retirement by requesting a State Pension Forecast from The Pensions Service either via visiting their website http://www.thepensionservice.gov.uk or by telephoning on 0845 300 0168.
Will you be surprised with your forecast?
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A company pension scheme can help |
Joining one of The Pensions Trust’s pension schemes that your employer offers will give you that extra income you may need in retirement to take those yearly holidays, eat in nice restaurants, treat the kids/grandkids, pay off the mortgage or simply just maintain a reasonable quality of life.
Your employer contributes too
Your employer will also put money into your pension pot each month. The amount will vary depending on the pension scheme your employer provides and the contribution rate agreed.
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Reduce your tax payments |
You will receive tax relief on your monthly contributions so it doesn’t cost as much as you think.
What if I am not sure?
If you want to find out further details about the scheme your employer is offering speak to your HR Department who can provide you with the information you need.
The Pensions Trust also provides presentations to employees thinking of joining the scheme why not ask when we will next be visiting your office.
If you are not sure that the pension scheme your employer is offering is right for you, why not seek independent financial advice. Click here to visit the unbiased website which will help you find a local independent financial adviser.
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Why should you join now? |
The sooner you join the more pension income you will receive for your twenty year holiday. Delaying could be an expensive mistake for the future.
How much will it cost?
The below example is based on a Member in the Flexible Retirement plan paying 5% contribution rate on an annual salary of £15,000.
| Gross Member Contribution (5% of salary) |
£62.50 per month |
| Less tax relief @ 20% |
£12.50 per month |
| Real cost to you |
£50.00 per month |
| Employer contribution (5% of salary) |
£62.50 per month |
| Total contribution to personal fund |
£125.00 per month |
The example shows that the total money going into your monthly pension pot is £125.00 but the REAL cost to you is only £50.00, therefore £75.00 of free money into your pension pot at no cost to you!
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The future is in your hands |
Can you afford not to join today? It's easy to do, just speak to your HR Team and ask for an Application Form which is quick and easy to complete and then leave the rest to us.
Start planning your twenty year holiday today!